Corner Bar with
For Sale
$780,000
822 CENTRAL AVE, Cheyenne, WY 82001
Commercial/Industrial, Cheyenne, WY
Property Size3,448 SF
Lot Size0.36 Acres
Price / SF$226.22
Days on Market92
Property Features for 822 CENTRAL AVE
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Business, Fixtures, Land
Subdivision
LARAMIE
Standard status
Active
Size
3,448 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Building Details
Year built
1979
Building materials
Concrete
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Jim Weaver · License #10624
(307) 630-5161
Added: May 31
Changed: Aug 19
Last Checked: Aug 30 at 7:06AM
MLS# 100947
Copyright © 2026 Cheyenne MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The offering combines an operating bar and lounge with its commercial real estate, fixtures, furnishings, and package liquor license, subject to approval by the City of Cheyenne. The 3,448-square-foot precast concrete building was constructed in 1979 and occupies a 0.36-acre corner parcel. A dedicated drive-through lane and on-site parking support customer access. Inventory is excluded from the purchase and will be sold separately.
The property is located at 822 Central Ave in Cheyenne’s Downtown Development District, along a major traffic corridor with reported daily traffic exceeding 20,000 vehicles. The business has operated for more than 90 years and has hosted local patrons and pool tournaments. The sale includes the business and physical assets as described, with the liquor license remaining subject to municipal approval.
The property is located at 822 Central Ave in Cheyenne’s Downtown Development District, along a major traffic corridor with reported daily traffic exceeding 20,000 vehicles. The business has operated for more than 90 years and has hosted local patrons and pool tournaments. The sale includes the business and physical assets as described, with the liquor license remaining subject to municipal approval.
Key Highlights
- 3,448‑square‑foot precast concrete building constructed in 1979
- 0.36‑acre corner lot at 822 Central Ave, Cheyenne, WY 82001
- Operating bar and lounge with real estate, fixtures, and furnishings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,551
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$791,020
$791.0K
Cap Rate 7%
$565,014
$565.0K
Cap Rate 9%
$439,456
$439.5K
Market Conditions
NOI Build-Up for 3,448 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.1K $18.60/SF
− Vacancy
−$7.6K −$2.21/SF
EGI
$56.5K $16.39/SF
− OpEx
−$17.0K −$4.92/SF
NOI
$39.6K $11.47/SF
Area
Laramie County, WY
Vacancy
11.90%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$791,020
Cap Rate 7%
$565,014
Cap Rate 9%
$439,456
Alternative Uses
Best Use
Retail
$565.0K
$494.4K – $659.2K
NOI $39,551 @ 7.0% cap · market cap 5.07%
Second Best
Specialty Retail
$125.1K
$109.4K – $145.9K
NOI $8,754 @ 7.0% cap · market cap 1.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
2,248
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82001, WY
37,528
Population
17,977
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
55.1 sq mi
ZIP Area
681
Density / Sq Mi
$74,149
Median Household Income
$45,456
Median Earnings
$1,044
Median Rent
$291,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lamp Lounge — 101 W 6th St, Cheyenne, WY 82007
- Keg 'n Kork Liquors & Lounge — 822 Central Ave, Cheyenne, WY 82007
- Chronicles Distilling — 1506 Thomes Ave, Cheyenne, WY 82001
- Crown Bar — 222 W Lincolnway, Cheyenne, WY 82001
- Freedom's Edge Brewing Co. — 1509 Pioneer Ave, Cheyenne, WY 82001
Frequently Asked Questions
What type of property is this?
Bar & Pub - Includes the operating business, commercial real estate, furnishings, fixtures, and a package liquor license subject to city approval.
Where is this bar & pub located?
The property is located at 822 CENTRAL AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: 3,448‑square‑foot precast concrete building constructed in 1979; 0.36‑acre corner lot at 822 Central Ave, Cheyenne, WY 82001; Operating bar and lounge with real estate, fixtures, and furnishings
